Team Blitz India
NEW DELHI: Moody’s Investor Services on November 9 retained India’s economic growth at 6.7% for 2023, citing the country’s remarkable resilience amid a global slowdown buoyed by solid domestic demand.
The rating agency, in its Global Macro Outlook 2024-25 report, said India along with other emerging market economies like Brazil, Mexico and Indonesia are well-positioned to capture a greater share of global trade flows due to the push from the West to diversify supply chains away from China amid geopolitical tensions.
“While India, Brazil, Mexico and Indonesia could emerge as engines of global growth, risks to growth forecasts for these countries are tilted to the upside,” it said.
Moody’s expects India’s GDP (gross domestic product) to grow 6.7% in 2023, 6.1% in 2024 and 6.3% in 2025.
The Indian economy expanded 7.8% in the first quarter of the current fiscal (Q1FY24), up from 6.1% in the previous quarter on higher government spending, coupled with increased private capital expenditure and strong services growth.
A robust domestic demand, and manufacturing and services activity aided growth during the quarter.